NNPC Earned ₦2.11trn From Sale Of Petrol In 12 Months

The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded ₦234.63bn revenue from the sale of petrol in the month of March this year.

The N234.63bn revenue represents a 24.7 per cent increase from the ₦188.15bn sales recorded in the previous month of February 2021.

This is contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report, according to a press statement made by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru.

The report indicated that total revenues generated from the sale of petroluem products for the period of March 2020 to March 2021 stood at ₦2.129trn, where petrol contributed about 99.24bper cent of the total sales with a value of ₦2.113trn.

In terms of volume, the value translates to 1.782 billion litres of white products sold and distributed by PPMC in the month of March 2021 compared to 1.4 billion litres in the month of February 2021.

This volume is made up of 1.75 billion litres of Premium Motor Spirit (PMS) and 0.45 million litres of Automotive Gas Oil (AGO).

It said total sale of white products for the period of March 2020 to March 2021 stood at 17.374 billion litres and PMS accounted for 17.265 billion litres or 99.37 per cent.

The NNPC continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.

In the Gas Sector, a total of 222.74 billion cubic feet (bcf) of natural gas was produced in the month of March 2021 translating to an average daily production of 7,183.33 million standard cubic feet per day (mmscfd).

For the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period.

Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23 per cent, 19.78 per cent and 63.99 per cent respectively to the total national gas production.

In terms of natural gas off-take, commercialization and utilization, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialized, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.

This translates to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month.

This implies that 63.18bper cent of the average daily gas produced was commercialized while the balance of 36.82bper cent was re-injected, used as upstream fuel gas or flared.

Gas flare rate was 9.50 per cent for the month under review (i.e. 671.13mmscfd) compared to average gas flare rate of 7.25 per cent (i.e. 532.37mmscfd) for the period of March 2020 to March 2021.

On domestic gas supply to the power sector, a total of 844mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts (mw) compared with February 2021 where 825mmscfd was supplied to generate 3,580mw.

The report also noted that the Corporation recorded 70 vandalized points across its pipeline network in the period under review, representing 29.63 per cent increase from the 54 points recorded in the previous month.

It stated that while the Port Harcourt area accounted for 63 per cent of the vandalized points, the Mosimi area accounted for 21 per cent and the Gombe area accounted for the remaining 16 per cent.

The Report stated further that the Corporation is, however, working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism.

The March 2021 MFOR is the 68th edition of the report, and it is published monthly to keep the Nigerian public up to date with the operations of the Corporation in line with the management’s guiding philosophy of Transparency, Accountability and Performance Excellence.